Aristotle Atlantic Partners LLC Takes $12.31 Million Position in Baker Hughes Company $BKR

Key Points

• Aristotle Atlantic Partners LLC opened a new position in Baker Hughes in the third quarter, buying 252,688 shares worth about $12.31 million.
• Wall Street sentiment is broadly positive — 20 analysts rate the stock a Buy and two a Hold, giving a consensus of "Moderate Buy" with an average target price of $59.61 and several recent target upgrades (up to $70).
• Baker Hughes recently beat quarterly estimates (EPS $0.78 vs. $0.67; revenue $7.39B vs. $7.09B) and pays a quarterly dividend of $0.23 (annualized $0.92, ~1.7% yield).

Aristotle Atlantic Partners LLC purchased a new stake in Baker Hughes Company (NASDAQ:BKR - Free Report) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 252,688 shares of the company's stock, valued at approximately $12,311,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Activest Wealth Management raised its position in Baker Hughes by 1,242.5% during the third quarter. Activest Wealth Management now owns 537 shares of the company's stock valued at $26,000 after purchasing an additional 497 shares during the period. E Fund Management Hong Kong Co. Ltd. boosted its holdings in shares of Baker Hughes by 104.0% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 661 shares of the company's stock worth $32,000 after purchasing an additional 337 shares during the period. Twin Peaks Wealth Advisors LLC purchased a new position in shares of Baker Hughes in the 2nd quarter worth approximately $36,000. Spire Wealth Management increased its position in shares of Baker Hughes by 357.8% during the 3rd quarter. Spire Wealth Management now owns 1,021 shares of the company's stock valued at $50,000 after purchasing an additional 798 shares during the last quarter. Finally, N.E.W. Advisory Services LLC increased its position in shares of Baker Hughes by 60.6% during the 3rd quarter. N.E.W. Advisory Services LLC now owns 1,102 shares of the company's stock valued at $54,000 after purchasing an additional 416 shares during the last quarter. Hedge funds and other institutional investors own 92.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BKR. Zephirin Group raised their price target on Baker Hughes from $40.00 to $45.00 and gave the stock a "hold" rating in a research report on Monday, January 26th. Citigroup lifted their price objective on shares of Baker Hughes from $61.00 to $64.00 and gave the stock a "buy" rating in a research note on Tuesday, January 27th. Susquehanna increased their target price on shares of Baker Hughes from $58.00 to $65.00 and gave the company a "positive" rating in a research note on Tuesday, January 27th. Royal Bank Of Canada restated an "outperform" rating and issued a $57.00 target price on shares of Baker Hughes in a report on Thursday, January 15th. Finally, BMO Capital Markets lifted their price target on shares of Baker Hughes from $65.00 to $70.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 3rd. Twenty analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $59.61.

Baker Hughes Stock Down 2.9%

Shares of NASDAQ:BKR opened at $54.26 on Friday. The business's 50 day moving average is $57.31 and its 200 day moving average is $50.80. The stock has a market cap of $53.62 billion, a P/E ratio of 20.87, a price-to-earnings-growth ratio of 1.47 and a beta of 0.83. Baker Hughes Company has a 52-week low of $33.60 and a 52-week high of $67.00. The company has a quick ratio of 1.00, a current ratio of 1.36 and a debt-to-equity ratio of 0.28.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its earnings results on Monday, January 26th. The company reported $0.78 earnings per share for the quarter, beating analysts' consensus estimates of $0.67 by $0.11. Baker Hughes had a return on equity of 14.26% and a net margin of 9.33%.The business had revenue of $7.39 billion during the quarter, compared to analyst estimates of $7.09 billion. During the same period in the previous year, the company posted $0.70 EPS. Baker Hughes's revenue was up .3% on a year-over-year basis. Sell-side analysts predict that Baker Hughes Company will post 2.59 EPS for the current year.

Baker Hughes Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Tuesday, February 17th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Tuesday, February 17th. Baker Hughes's payout ratio is presently 35.38%.

Insider Buying and Selling at Baker Hughes

In related news, insider Maria Georgia Magno sold 5,063 shares of the company's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total value of $298,919.52. Following the completion of the sale, the insider directly owned 15,555 shares of the company's stock, valued at $918,367.20. This represents a 24.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William G. Beattie sold 18,023 shares of the stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $57.29, for a total transaction of $1,032,537.67. The SEC filing for this sale provides additional information. Insiders sold 590,251 shares of company stock valued at $35,311,023 in the last ninety days. 0.27% of the stock is owned by insiders.

Baker Hughes Company Profile

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm's roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE's oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.